Savings Calculator
See what regular deposits grow to at your bank’s APY, or find exactly how much to set aside each month to reach a savings goal.
Savings after 5 years
$18,978
- Deposits
- $17,000
- Interest earned
- $1,978
- To hit $25,000
- $341/mo
- Goal status
- $6,022 short
Savings growth
Explain my numbers
Get a plain-English reading of the result above: what drives it, what the trade-offs are and what to ask a lender or adviser. It is educational, not financial advice. Only these inputs and results are sent, and nothing is stored.
The savings-goal formula
Deposit = (Goal − S·(1+i)n) · i ÷ ((1+i)n − 1)
S is what you have now, i the monthly rate derived from the APY, (1 + APY)1/12 − 1, and n the number of months. For short goals under a couple of years, the interest is small and saving more matters far more than chasing a slightly higher rate.
Keep emergency savings in an FDIC- or NCUA-insured account, covered up to $250,000 per depositor, per institution, per ownership category.
Frequently asked questions
How much will I have if I save $250 a month?
At a 4% APY, $250 a month plus a $2,000 start grows to about $19,000 in 5 years, of which about $1,600 is interest. Over 20 years the same habit reaches roughly $95,000.
How much do I need to save each month to reach my goal?
Enter the goal and the time frame. The calculator subtracts what your current savings will grow to and solves the future-value-of-annuity formula for the monthly deposit.
Is interest on savings taxable?
Yes. In the US, interest from savings accounts, CDs and money market accounts is taxed as ordinary income in the year it is paid. Banks send a Form 1099-INT when you earn $10 or more.
What is APY?
Annual percentage yield is the total return in a year including compounding. It is the standard way US banks quote savings rates under the Truth in Savings Act, so you can compare accounts directly.